SMH vs. MOAT

Last updated Jun 4, 2026

SMH (VanEck Semiconductor ETF) and MOAT (VanEck Vectors Morningstar Wide Moat ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, SMH returned 37.68%/yr vs 13.37%/yr for MOAT. A 0.65 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.48%/yr for MOAT.

Performance

SMH vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH achieves a 77.13% return, which is significantly higher than MOAT's -0.94% return. Over the past 10 years, SMH has outperformed MOAT with an annualized return of 37.68%, while MOAT has yielded a comparatively lower 13.37% annualized return.

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

MOAT

• 1D: -1.37%
• 1M: 3.30%
• YTD: -0.94%
• 6M: -0.69%
• 1Y: 14.97%
• 3Y*: 11.34%
• 5Y*: 8.01%
• 10Y*: 13.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
MOAT VanEck Vectors Morningstar Wide Moat ETF	-0.94%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between SMH and MOAT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.65

Over the past year, the correlation between SMH and MOAT has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

SMH vs. MOAT - Sectors Allocation Comparison

Sectors	SMH	MOAT
Technology	100.0%	32.8%
Basic Materials	-	-
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Energy	-	-
Financial Services	-	6.7%
Healthcare	-	16.0%
Industrials	-	13.5%
Real Estate	-	0.8%
Utilities	-	-

Return for Risk

SMH vs. MOAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

MOAT

MOAT Risk / Return Rank: 27
MOAT Sharpe Ratio Rank: 29
MOAT Sortino Ratio Rank: 29
MOAT Omega Ratio Rank: 27
MOAT Calmar Ratio Rank: 25
MOAT Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMH vs. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SMH	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	5.19	1.09	+4.10
Sortino ratio: Return per unit of downside risk	5.22	1.64	+3.57
Omega ratio: Gain probability vs. loss probability	1.72	1.19	+0.53
Calmar ratio: Return relative to maximum drawdown	10.59	1.21	+9.38
Martin ratio: Return relative to average drawdown	40.63	3.77	+36.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH vs. MOAT - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 5.19, which is higher than the MOAT Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SMH and MOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMH	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.19	1.09	+4.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.44	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.16	0.72	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.77	-0.43

Drawdowns

SMH vs. MOAT - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for SMH and MOAT.

Drawdown Indicators

	SMH	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-33.31%	-51.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-12.43%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	-21.44%	-14.30%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-23.96%	-21.34%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-33.31%	-11.99%
Current Drawdown Current decline from peak	0.00%	-4.72%	+4.72%
Average Drawdown Average peak-to-trough decline	-41.09%	-3.83%	-37.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.98%	-0.09%

Volatility

SMH vs. MOAT - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 11.47% compared to VanEck Vectors Morningstar Wide Moat ETF (MOAT) at 3.82%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.47%	3.82%	+7.65%
Volatility (6M) Calculated over the trailing 6-month period	24.29%	9.87%	+14.42%
Volatility (1Y) Calculated over the trailing 1-year period	30.56%	13.86%	+16.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.01%	18.18%	+16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.57%	18.68%	+13.89%

SMH vs. MOAT - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than MOAT's 0.48% expense ratio.

Dividends

SMH vs. MOAT - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.17%, less than MOAT's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Vectors Morningstar Wide Moat ETF	1.37%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both SMH and MOAT in my portfolio?

SMH and MOAT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or MOAT?

SMH has higher volatility (11.47%) compared to MOAT (3.82%). In terms of maximum drawdown, SMH dropped -84.96% vs MOAT's -33.31%.

Which ETF is better, SMH or MOAT?

On 10-year performance, SMH leads with 37.68% vs 13.37% for MOAT. On fees, SMH is cheaper at 0.35% per year. On volatility, MOAT has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or MOAT?

Over the 10-year period, SMH has performed better with a 37.68% return vs 13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or MOAT?

SMH is cheaper with a 0.35% expense ratio, compared with 0.48% for MOAT.

Which ETF pays a higher dividend yield, SMH or MOAT?

MOAT has the higher dividend yield at 1.37%, compared with 0.17% for SMH.

What is the main difference between SMH and MOAT?

SMH is categorized as Semiconductors, while MOAT is Large Cap Blend Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while MOAT tracks Morningstar Wide Moat Focus Index. Their fees differ too: 0.35% for SMH and 0.48% for MOAT.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 1.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.